I have owned a few SS Phon's, a Valve Hybrid Phon, and a Valve Input/Output Phon', I have the two Valve models maintained as keepers.
Additionally whilst on the Phon' Quest, I have experienced through demonstrations, quite a few Phonostages at Bake Off's over the years.
I have heard compared to each other a wide selection of SS Phon's with a 'in built' MC Stage, along with multiple Valve Hybrids and lesser Valve Input/Output.
Not all SS Phon's are equal, I say that with asurity, many topologies are similar and there is a much of a muchness experience encountered, these designs can soon be discovered to not leave too much of a positive impression. Occasionally there are SS Phon's encountered, that are produced using a different topology, and certain models, be it from a Brand or a DIY Build can make a impactful impression and one I would like to experience in my home system. I wouldn't hesitate to try these as a MM > SUT vs the 'in built' MC Stage.
I am yet to discover a Valve Hybrid following a demonstration at a Bake Off, that has made myself want to use it in my home system. The MC Stage does not deliver in a way that I find impressive, and similar designed, but differing models all have a related sonic signature, especially when Jfets are in use. These designs have not conjured up the desire to bypass the Jfet and use the MM > SUT.
My own Hybrid has a different design to a Jfet for the MC Stage, it has a Transformer and has also has been Tube Rolled, I use this most commonly with a SUT, but as it has a multi adjustment function on the MC Stage, I will occasionally use it with a Cart' and produce various settings to see what can be achieved. The Phon' has been given up for extended loan periods and the users have ended up adding a SUT.
The Valve Input/Output Phon' I use, is a Bespoke Built Design and has developed through a few build guises. There is an 'earlier prototype version' that has been demonstrated in a Bake Off where Phon's were present up to five figures, it held its own in this Company. The version I is the latest version with a selection of components in use of my choice. It was also discussed to have an 'in built' MC Stage, but I was reluctant, as I knew the options for it and it seemed limiting to my requirements. I chose to remain MM and have a large selection of SUT's and Head Amp's to experience.
The Valve Input/Output Phon' that I was recently demonstrated the Structure A SUT's through is the referred to 'earlier prototype version' of my own one, hence my keenness to have a home demonstration when up and running once more with the system.
My experiences of using a SUT and Head Amp in A/B comparisons leads me to suggest that Head Amp's I have used, are best described, as being transparent and the SUT's I have used can be perceived as being Noticeably Rich, Rich, or having a Hue of Richness.
These variations in how a Step Up device presents, allows for a lot of options for a user increase their enjoyment during listening, as their is a option to select a device that will present very closely to their unique tastes and preferred presentation.